Executive Summary

A new joint venture structure has emerged with strategic financial partners involved. Proceeds from this financing will support various corporate priorities and strategic initiatives.

Branded intellectual property assets were transferred into specialized holding entities for monetization. Additionally, a licensing framework establishes ongoing royalty obligations on specified revenue streams.

The updated analysis incorporates recent transaction effects on distributable value and recovery scenarios. Cash generation projections through the analysis period reflect materially different structural assumptions.

Senior secured obligations appear positioned differently given the new debt layer above them. However, coverage dynamics vary significantly across different tranches within the capital stack.

Unsecured creditors face increasingly complex recovery paths under various restructuring scenarios considered. Maturity profiles and structural positioning create distinct outcomes for different noteholder groups analyzed.